COIN
Coinbase Global, Inc.
There isn't enough reported data to score COIN yet.
NCDL
Nuveen Churchill Direct Lending Corp.
NCDL's fundamentals are mixed, but it looks expensive: trading at 12x earnings, above its usual 7.5x. Analysts expect earnings to hold roughly steady.
COIN Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Under pressure | |
| N/A | |
| N/A |
COIN's revenue and profitability are currently under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like COIN.
NCDL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
NCDL's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like NCDL.
COIN PE Valuation
COIN has no meaningful PE right now: it lost money over the past year.
NCDL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.9x | $6.95 | -41% |
| Fair | 7.5x | $7.58 | -35% |
| Forward | 7.6x | $11.75 | — |
| Expensive | 9x | $9.13 | -22% |
| Current | 12x | $11.75 | — |
Historical ranges are pointers, not guarantees.
NCDL's PE is in its expensive range at 12x. On analysts' estimates for next year's earnings, today's price would be 7.6x, in its fair range.
COIN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Moderate | |
| Low |
COIN has the edge over NCDL on the outlook, with more favorable earnings and profitability expectations.
NCDL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Weakening | |
| Limited | |
| High |
Analysts expect NCDL's profitability to weaken, with its earnings and revenue holding steady.
COIN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.36 | — |
| Q3 2026 | -$2.77 | -124% |
| Q2 2026 | -$3.78 | -137% |
| Q1 2026 | $2.72 | -49% |
| Q4 2025 | $4.45 | -53% |
| Q3 2025 | $11.54 | +94% |
| Q2 2025 | $10.32 | +82% |
| Q1 2025 | $5.32 | +4.1% |
| Q4 2024 | $9.48 | +2462% |
COIN has swung to a loss: it lost $2.77 per share over the past year, after a profit the year before.
NCDL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.56 | +54% |
| Q3 2026 | $1.01 | -49% |
| Q2 2026 | $1.12 | -47% |
| Q1 2026 | $1.51 | -32% |
| Q4 2025 | $1.86 | -18% |
| Q3 2023 | $2.07 | +111% |
| Q2 2023 | $1.69 | +26% |
| Q1 2023 | $0.97 | -51% |
| Q4 2022 | $0.70 | -66% |
NCDL has the edge over COIN on earnings quality, reporting a profit while its opponent remains loss making.
COIN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | -35% |
| Q2 2026 | $1.2B | -19% |
| Q1 2026 | $1.4B | -31% |
| Q4 2025 | $1.8B | -22% |
| Q3 2025 | $1.9B | +55% |
| Q2 2025 | $1.5B | +3.3% |
| Q1 2025 | $2B | +24% |
| Q4 2024 | $2.3B | +138% |
NCDL has the stronger quarterly revenue trend. Revenue is down 35% for COIN versus up 54% for NCDL.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.1% | -21 points |
| Q2 2026 | -9.3% | -7.7 points |
| Q1 2026 | -1.5% | -36 points |
| Q4 2025 | 15% | -30 points |
| Q3 2025 | 26% | +12 points |
| Q2 2025 | -1.6% | -25 points |
| Q1 2025 | 35% | -12 points |
| Q4 2024 | 46% | +33 points |
COIN's operating margin was 5.1% last quarter, down 21 points from the same quarter a year ago.
NCDL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2022 | $20.1M | +54% |
| Q3 2022 | $14.2M | +38% |
| Q2 2022 | $16.5M | +120% |
| Q1 2022 | $14.2M | +125% |
| Q4 2021 | $13M | +162% |
| Q3 2021 | $10.3M | +232% |
| Q2 2021 | $7.5M | +175% |
| Q1 2021 | $6.3M | +116% |
NCDL's revenue has grown year over year every quarter since early 2021: $20M last quarter, up 54% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2022 | 36% | -57 points |
| Q3 2022 | 42% | -66 points |
| Q2 2022 | 9.2% | -94 points |
| Q1 2022 | 69% | -27 points |
| Q4 2021 | 93% | -3.2 points |
| Q3 2021 | 108% | -68 points |
| Q2 2021 | 104% | +161 points |
| Q1 2021 | 96% | +167 points |
NCDL's operating margin was 36% last quarter, down 57 points from the same quarter a year ago.
COIN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $405.5M | +$1.2B |
| Q2 2026 | $197.3M | -40% |
| Q1 2026 | $182.7M | +$365.5M |
| Q4 2025 | $3.1B | +218% |
| Q3 2025 | -$784.5M | -213% |
| Q2 2025 | $328.5M | -32% |
| Q1 2025 | -$182.7M | -144% |
| Q4 2024 | $964.6M | +$969.8M |
COIN's free cash flow was $3.9B over the past year, more than ten times what it generated the year before. Free cash flow isn't a meaningful measure for financial services companies like COIN.
NCDL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $63.6M | +71% |
| Q2 2026 | $61M | -56% |
| Q1 2026 | -$13.7M | -$4.9M |
| Q4 2025 | $28.6M | +138% |
| Q3 2025 | $37.3M | +$79.5M |
| Q2 2025 | $137.1M | +$306.5M |
| Q1 2025 | -$8.8M | +$88.7M |
| Q4 2024 | $12M | +$146.7M |
NCDL has the edge over COIN on cash flow, with more consistent year-over-year improvement.
COIN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +9.3% | +24.6M shares |
| 1 year | -1.4% | -4M shares |
| 3 years | +21% | +50.7M shares |
| 5 years | +15% | +37.4M shares |
| Available history | +330% | +221M shares |
COIN has the edge over NCDL on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5.3M |
| Q2 2026 | $181.3M |
| Q1 2026 | $1.1B |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | $10.5M |
NCDL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -16.6K shares |
| 3 years | +122% | +27.2M shares |
| 5 years | +1148% | +45.4M shares |
NCDL has 49M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $2.7M |
| Q2 2025 | $26M |
| Q1 2025 | $37.1M |
| Q4 2024 | $22.5M |
NCDL hasn't bought back shares in the past year.
COIN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -4.4x | Net Cash |
| Q2 2026 | -2.5x | Net Cash |
| Q1 2026 | -2.8x | Net Cash |
| Q4 2025 | -2.3x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -1.6x | Net Cash |
| Q1 2025 | -1.6x | Net Cash |
| Q4 2024 | -1.8x | Net Cash |
COIN has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like COIN.
NCDL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2022 | 26.9x | High |
| Q3 2022 | 21.1x | High |
| Q2 2022 | 15.9x | High |
| Q1 2022 | 10.2x | High |
| Q4 2021 | 10.0x | High |
| Q3 2021 | 11.5x | High |
| Q2 2021 | 10.8x | High |
| Q1 2021 | 12.8x | High |
NCDL's net debt is more than 20 years of its operating earnings (EBITDA), up from 10 years a year ago. Net leverage isn't a meaningful measure for financial services companies like NCDL.
COIN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.3 | Neutral |
| Stochastic | 5.0 | Oversold |
COIN's weekly RSI is 35 (neutral) and its Stochastic is 5 (oversold).
NCDL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.8 | Neutral |
| Stochastic | 47.6 | Neutral |
NCDL's weekly RSI is 46 (neutral) and its Stochastic is 48 (neutral).
COIN PE vs Financial Services Sector
| Metric | COIN | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 13x | — |
COIN has no meaningful PE right now: it lost money over the past year.
NCDL PE vs Financial Services Sector
| Metric | NCDL | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 11% below |
| PE % | 99 | 36 | 63 pts above |
NCDL is trading at 12x earnings, a 11% discount to the Financial Services sector's median of 13x.
COIN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $163.0 | 20% below |
| 20 week MA | $165.6 | 21% below |
| 50 week MA | $184.4 | 29% below |
| 100 week MA | $232.8 | 44% below |
| 200 week MA | $190.3 | 31% below |
NCDL has stronger trend alignment. COIN is above 0 of 5 weekly averages versus NCDL above 1 of 4.
NCDL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.2 | 5.1% above |
| 20 week MA | $11.9 | 1.5% below |
| 50 week MA | $12.9 | 8.6% below |
| 100 week MA | $14.4 | 19% below |
NCDL has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 19% below its 100-week average.
COIN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $342.0 | $268.2 | -22% |
| 2022 | $268.2 | $35.5 | -87% |
| 2023 | $35.5 | $173.9 | +390% |
| 2024 | $173.9 | $265.7 | +53% |
| 2025 | $265.7 | $236.9 | -11% |
| 2026 YTD | $236.9 | $130.7 | -45% |
COIN's yearly returns have swung widely, from +390% in 2023 to −87% in 2022. It's down 45% so far in 2026.
NCDL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $17.9 | $17.1 | -4.4% |
| 2025 | $17.1 | $13.8 | -19% |
| 2026 YTD | $13.8 | $11.8 | -15% |
NCDL has the edge over COIN on returns for 2026, with the stronger performance.